Money Matters, Simplified.
Ben Bernanke wins approval for second term
by Ishita Sood - December 18, 2009 - comments
Bernanke who was named Person of the Year by TIME, needs to get at least 60 votes before his confirmation is debated before full Senate
Washington, December 18 -- Chairman of Federal Reserve, Ben Bernanke, got a four year term extension Thursday, due to the Senate Banking Committee’s votes.
A Senate Banking committee confirmed Bernanke for another four-year term at the Federal Reserve by a 16 to 7 vote.
Ben Bernanke, whose term expires on Jan. 30, 2010, did not attend Thursday’s vote.
Votes for Bernanke
Six Republicans and one Democrat Sen. Jeff Merkley voted against Bernanke.
Sen. Richard Shelby said he strongly disapproved of Bernanke’s deeds as Fed chairman.
“We talk a good game when it comes to accountability but we rarely match our rhetoric with action,” he said. “I believe we must not only express our disapproval of this nominee, but we should also signal future nominees that we have expectations and that those expectations should be met.”
However, there were many in support of the Federal Reserve Chairman. Sen. Bob Corker defended him by saying that all regulators made mistakes at some point or the other.
“I think Chairman Bernanke gets up every morning. I think he tries to do those things that he believes are best for this country. I believe that. I don't believe he has a political cell in his body,” said Corker.
Senate Banking chairman Christopher Dodd approved of the nomination and said that the Fed chairman had saved the US economy from falling into the Great Depression.
“I happen to believe had he and others not acted. . .at a time of critical importance of our country, we'd be looking at a very, very different and far more dire situation in our nation than is otherwise the case," Dodd said.
“With my support comes my insistence that we carefully examine the role of an institution that runs the risk of becoming too complicated to succeed,” he further said.
Bernanke named Person of the Year by TIME
Bernanke was recently voted “Person of the Year” by TIME magazine to which Sen. Bunning jeered.
“Chairman Bernanke may wonder if he really wants to be honored by an organization that has previously named people like Joseph Stalin twice, Yasser Arafat, Adolf Hitler, the Ayatollah Khomeini, Vladimir Putin, Richard Nixon twice, as their person of the year,” said Bunning.
But I congratulate him and hope he at least turns out better than most of those people.”
Bernanke needs to get at least 60 votes before his confirmation is debated before full Senate.
It is reported that Senate will give its final decision between Jan. 19 and Jan. 30.